Choosing a medical billing vendor can be difficult as it seems that there are so many to choose between. Fortunately, you can make the selection process much easier by asking the right questions and requesting certain pieces of information. Similarly, medical billing is a process that demands a lot of time, a competent staff team, knowledge and experience, and accuracy. You can fix a lot of billing concerns with the right medical billing company in your corner. Choosing the right medical billing company affects how much money your practice can save in the long run. Here is what you can do to help pick out the best medical billing company for your needs.
Value of Money
Choosing the lowest percentage of collections could lead to the least amount of follow-up and less overall revenue coming in. This means you shouldn’t always go with the cheapest option available because you might get service that reflects the price you paid.
Emphasis on Technology
Many physician practices make use of EHR and practice management software. Does the medical billing company provide a cloud-based EHR/practice management system? It is there a fee for the technology? If you already have technology are they willing and able to work with what is in place? What reports are available and are they available in real-time? It also does not hurt to inquire about the data backup and recovery processes.
Offer Total Transparency
The most experienced and qualified medical billing companies will use cloud-based systems that allow you to access all of your claims and data whenever you want. You will also have access to real-time data, meaning your data is always as accurate and up-to-date as it can be. Using the software, you can easily access your adjustments, write-offs, charges, and payments, among other things. Transparency grants you the following:
- Summary of all charges
- Summary of all payments
- Aging Summary
- Reasons for denials
- Procedure Analysis
Keep in mind that the quality of your medical billing company will likely reflect how much money you spend. This means that going with companies who charge lower rates won’t always be your best option. It also means that just because your bottom line has a lower fee, it doesn’t necessarily mean your practice is going to save money. When it comes to a medical billing partner, the bottom line is how much revenue they can collect versus the overall cost. A higher cost percentage may lead to higher overall collects and more money back to your practice.
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